Having a bank account is a vital part of budgeting, understanding and managing your finances. But for many young people, this step can be challenging.
Young adults age 15-24 comprise the largest portion of the U.S. population of unbanked and underbanked individuals in the United States, according to the Federal Deposit Insurance Corporation
. Those who are unbanked or underbanked often use alternative financial companies, such as check-cashing companies, because they don’t have enough money, or qualify, for traditional accounts.
As teens graduate from high school and move on in life, understanding finances becomes even more critical to their independence.
As a way of tying personal finance to local schools, credit unions like Truliant have partnered with local schools to host campus credit unions.
Truliant supports two campus credit unions – the Wolverine Financial Center at Wiley Middle School and the Eagle Financial Center at East Forsyth High School.
At both Wiley and East Forsyth, students – not staff – run and operate the campus credit union. They are trained and mentored by staff, but they use their skills and knowledge to perform basic transactions as in other member financial centers. Students also learn about professionalism and communication skills which prove invaluable in the real world.
The students who participate at both Wiley and East Forsyth gain experience in personal finance, in interpersonal relationships and in customer service. The parents and school staff who support the campus credit unions enjoy a convenient location to complete transactions, while helping young adults build critical skills they will need upon graduation.
Students also learn to recognize key differences between credit unions and banks, and that they do have options when they enter the workforce and are exploring financial institutions. They begin to realize that their selection of where and how they bank impacts their local community and their life choices.
Students can open accounts at Wiley and East Forsyth with $5 like they would at any other Truliant location. And, members can conduct transactions during operating hours at both Wiley and East Forsyth.
Have a question about a campus credit union? Email [email protected]